All Forum Posts by: Luke Badalaty
Luke Badalaty has started 3 posts and replied 20 times.
Post: House hacking advice needed!
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
Originally posted by @Lana Lee:
Originally posted by @Luke Badalaty:
Originally posted by @Lana Lee:
What % of down payment did you make? And how much PMI a month do you pay? What are the tenants like in that area? Did you find a property on MLS? WHY did you choose that particular area? If you don't mind me asking. Just trying to learn as much as I can.
Hi Lana, no problem - 5% down. $248 pmi/mo which can be cancelled at 80% LTV. Pretty diverse tenant pool. Yes I found it on the MLS, and I chose that area because it's what I could make work with my commute, the rent/purchase price was better than the other areas I was looking. And this just happened to be the property that I felt comfortable in, and could make work from a numbers perspective.
I've heard that it is harder to find tenants if owner occupied. They often don't want to live next door to a landlord. Did you face that kind of problem or everything was smooth? Also do they bother you in the middle of the night by knocking on your door with their problems? I've heard a story or two about that here on BP.
Yes I definitely think tenants would rather not live next to the landlord, probably lost a few prospective tenants because of the situation. I've just been very up-front about the situation, it's probably one of the first 3 things I say after meeting them, and mention that I plan on moving soon. Also helps that I've gotten more comfortable showing units (practice!). Haven't gotten a knock yet - I try to set very clear expectations right off the bat (as in, knocking isn't okay, they can call, text, or email me if there's an issue). Happy to discuss in depth if you're interested - feel free to PM.
Post: House hacking advice needed!
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
Originally posted by @Lana Lee:
What % of down payment did you make? And how much PMI a month do you pay? What are the tenants like in that area? Did you find a property on MLS? WHY did you choose that particular area? If you don't mind me asking. Just trying to learn as much as I can.
Hi Lana, no problem - 5% down. $248 pmi/mo which can be cancelled at 80% LTV. Pretty diverse tenant pool. Yes I found it on the MLS, and I chose that area because it's what I could make work with my commute, the rent/purchase price was better than the other areas I was looking. And this just happened to be the property that I felt comfortable in, and could make work from a numbers perspective.
Post: House hacking advice needed!
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
Originally posted by @Lana Lee:
Originally posted by @Luke Badalaty:
Originally posted by @Maritsa Cortes:
@Pablo Barrientos Thanks for your reply Pablo! To be honest, I don’t know what I don’t know so any advice on where to start would be helpful. I’m currently looking in the Philly area but trying to sort out which areas are best. There are some pretty rough neighbourhoods around here that I’d like to not waste time on looking at, just don’t know which ones are which just yet.
When you find the best area in Philly for house hacks, let me know! I'm also looking for my second house hack now.
I'm currently in my first one in West Philly, which is conventionally financed low down payment. You might find better terms with a conventional loan if you have good credit, and can do another low down payment acquisition with an owner FHA loan on the 2nd small multi purchase if that's what you're looking for.
Is that a duplex or triplex that you own? Just out of curiosity, are you able to cash flow?
Triplex. Once I move out and rent my unit, yes, it will cash flow modestly. Not a knock out deal, but good enough to get started.
Post: House hacking advice needed!
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
Originally posted by @Maritsa Cortes:
@Pablo Barrientos Thanks for your reply Pablo! To be honest, I don’t know what I don’t know so any advice on where to start would be helpful. I’m currently looking in the Philly area but trying to sort out which areas are best. There are some pretty rough neighbourhoods around here that I’d like to not waste time on looking at, just don’t know which ones are which just yet.
When you find the best area in Philly for house hacks, let me know! I'm also looking for my second house hack now.
I'm currently in my first one in West Philly, which is conventionally financed low down payment. You might find better terms with a conventional loan if you have good credit, and can do another low down payment acquisition with an owner FHA loan on the 2nd small multi purchase if that's what you're looking for.
Post: Wanted - Philadelphia small multifamily for 203k BRRRR
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
Looking to buy:
- Small multi to rehab with FHA 203k financing, already pre-approved
- Philadelphia neighborhoods - Center City, Graduate Hospital, South Philly along Broad Street, Point Breeze close to Washington Ave and Broad Street, Mantua/Powelton, Poplar/Spring Garden, Northern Liberties, Fishtown, South Kensington
- Property with good bones requiring cosmetic rehab to live in near term, refinance and rent out long term (must have value add upside).
Post: Wanted - Philadelphia SFH or small multifamily for 203k BRRRR
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
Looking to buy:
- SFH or small multi to rehab with FHA 203k or conventional loan product.
- Philadelphia neighborhoods - center city, graduate hospital, south philly along broad street, point breeze close to washington ave, possibly mantua/powelton, possibly poplar/spring garden, possibly nolibs.
- property with good bones requiring cosmetic rehab to live in near term, refinance and rent out long term (must have value add upside).
Post: Appeal property tax valuations in Philadelphia - Help!
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
My one property in West Philly went up 100% while both neighboring properties decreased in value! Assessment is definitely above market value now. Is it worth hiring someone to take care of the appeal rather than doing it myself?
Post: Can I bill tenant for bed bugs???
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
I'm also curious about this as an investor in Philadelphia. I've signed leases as a tenant with bed bug addendums that pretty much transfer all liability to the tenant. I'm not sure what happens if it's not in the lease.
Post: DIG (Diversified Investors Group) - S. Philadelphia Rehabber’s
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
Originally posted by @Steve Babiak:
Originally posted by @Shannan Bowen:
@steve babiak,
Thank you for the information. However, I will soon be licensed in PA and I've been looking for some networking events. How do i become a member of DIG?
Once you are sure you wish to join DIG, there are two suggested ways to join. First way is to go to the main general meeting (in Ambler at this time but might change later in 2018); at the main meeting there is a "spin the wheel" discount opportunity for your fist year membership that you get when you first visit there. That discount would not apply in future years. The second way is to use the DIG website to join http://digonline.org/
You could also try to join over the phone by calling the DIG office on a weekday morning, but no matter how you wish to join you'll need a credit card (I guess you could use some other form of payment in person at the main meeting, but renewing is usually done electronically).
If you do join, I would appreciate if you could please list my name as the "sponsor" who suggested you join DIG.
Where might they be relocated to? Hopefully somewhere closer/more accessible to the city?
Post: Soundproofing
- Investor
- Philadelphia, PA
- Posts 21
- Votes 3
Originally posted by @Patrick Liska:
It will help, but will not cover it. If you have the money, i would do that plus add a metal z channel going opposite direction of the joists ( screwed on top of the existing plaster ) and then add another layer of drywall. the Z channel leaves a space that helps in sound transmission. the problem is the sound is transmitted through the existing floor joists too, so just the insulation will not do it because the joists are still against the ceiling. this is something similar, but in this picture they used clips in combination to hold off hat channel from the existing ceiling which will lower your ceiling about another inch.
Is this possible in a unit with a concealed sprinkler system?